\chapter{Fundamental and technical indicators}
\label{ch:fundamental-technical-indicators}
\ifpdf
\graphicspath{{Chapter1/Chapter1Figs/JPG/}}
\else
\graphicspath{{Chapter1/Chapter1Figs/EPS/}}
\fi

\section{Database}
The database used for this project includes daily stock prices and quarterly financial ratios of more than 800 stocks and the index from establishment so far. In order to use this database easily, we set up MySQL structure containing 2 sets of information. The first is the trading daily prices and the others is financial ratios across 19 sectors. According to the sector attributes, sectors are divided into groups:
	\begin{itemize}
		\item Non-financial: retail, real estate, information technology, oil \& gas, electricity, hospitality, heavy industry, household products, chemistry, automobile, natural resources, FMCG, media, construction and heathcare.
		\item Financial: bank, insurance and financial services.
	\end{itemize}
	
Figure~\ref{fig:database} sketches out the structure of our database.

\begin{figure}[!ht]
  \centering
  %Chapter1/Chapter1Figs/JPG/database.jpg
  \includegraphics[scale=0.4]{database.jpg}
  \caption{Database structure}
  \label{fig:database}
\end{figure}

The daily stock prices consists of daily records containing the information about: date, volume, adjusted open, high, low, close prices. From these values it is possible to compute many statistics, including a mean, standard deviation, skewness, kurtosis of return, and median turnover. [See Appendix 1].
	
\section{Fundamental indicators}

Fundamental indicators, also called financial ratios, can be used to evaluate the financial condition of the corporation by measuring the efficiency and profitability based on the enterprise' financial statements. Fundamental indicators may be useful for the board of managers, for the current and potential investors or the creditors as well. They are categorized according to the financial aspect of the business, mainly including: \\
- Liquidity ratios measure the availability of cash or high liquidated assets to pay short debt.\\
- Activity ratios measure how fast a firm converts a non-cash assets to cash assets.\\
- Debt ratios measure the ability to relay long-term debt.\\
- Profitability ratios measure the use of assets and manage its costs to generate the return.\\
- Market ratios measure the investor respond to owning stock and the cost of issuing stock. \\
As stated above, we are going to analyze 2 huge groups: financial and non-financial with many small industries inside. Each industry can be characterized by different indicators, separated to general and specific indicators as below.\\
- The general indicators contain 7 common ratios appearing in all sectors: return on equity (ROE), return on asset (ROA), earning per share (EPS), price to earnings ratio (P/E), price to book ratio (P/B), gross profit margin (GPM), price to revenue (P/R).\\
- The specific ones are arranged in:
\begin{itemize}
	\item Non-financial sectors: cash over total asset, quick ratio, cash ratio, interest coverage ratio, debt ratio, inventory ratio.
	\item Financial sectors:
	\begin{itemize}
	\item Bank: credit risk provision ratio, investment provision ratio, loan losses provision ratio, net interest margin (NIM).
	\item Financial services: well liquid ratio, interest ratio, current liabilities ratio, long term asset ratio.
	\item Insurance: well liquid ratio, current liabilities ratio, long term asset ratio, insurance sale ratio, gross insurance income ratio.
	\end{itemize}
\end{itemize}
These ratios' formulas are presented in Appendix 1. According to these indicators we can briefly understand which indicator is significantly important to contribute each sector's return through the correlation coefficient, which you can see more in the following table.....\\

The result looks like rather intuitively suitable and is summarized into 4 impacts: good-for-return, bad-for-return, little effect and unclear effect.
\begin{itemize}
	\item The good-for-return indicators consist of ROA, EPS, GPM \& ROE for both non-financial and financial sectors. So now we are walking through ROA, EPS and GPM to have a better understanding. ROA has the highest trust because of high leverage and high interest cost in Vietnam economy. We all know the interest cost in Vietnam is too high in the world (at least 12\%/annual) and due to borrow too much to expand during the happy time 2002-2006 that leads to a high leveraged capital structure. So, the company efficiency, first, should be based on the ROA, which means the net income it created in comparison of total debt and equity. Higher ROA means safer and retail investors who dominate the market prefer companies have high ROA. That's the reason why ROA has a better ranking than ROE. EPS is the second good-for-return indicator. The reason is obvious, the investors do not only look for survival, they look for profit also. The high eps company has more probability of declaring high dividend, for example Vinamilk, which is important for both retail and institutional investors. For the gross margin, the reason is more subtle. A high and stable margin can mean company has managed manufacturing costs very well or has increased sales (by increaseing price or quantity or both) or both managed cost \& increased sales. If company has managed their costs very well, it's good in the context of high inflation in Vietnam, which can wipe out any companies. If company has increased sales by price or quantity, it can be because the dominated position of company or the market is still in growth. 
	\item For non-financial industries: 
	\begin{itemize}
		\item The bad-for-return indicators are P/B and inventory ratio. Let consider inventory ratio first, we know that the higher inventory in recession can wipe out all of cash flow of company. So that, although company has no debt but high inventory, it still exposure to non-interest liabilities such as: payroll, payables etc which can also drain the cash flow and company will shut down its operations not so far. However, Oil \& gas sector is an exception, the relationship between inventory and sector return is positive. The reason oil \& gas companies can benefit in increasing in enery price. For PB, the negative relationship to sector return can be due to in-compatibleness of price and book value especially in sector such as: real estate, oil \& gas, household products, natural resources, retail. These sectors require high CAPEX and have high depreciation which can reduce the real asset value. For real estate, the reason may be inappreciated due to the fluctuation in land and house prices.
		\item The little effect groups are cash over total asset, cash ratio, interest ratio.
		\item There are some indicators have unclear relationship to return, for example: debt ratio. This indicator has strong positive relationship to retail, natural resource, media, construction, but also have strong negative relationship to real estate, electricity, heavy industry \& service. For real estate, the reason is clear because the housing market is declining. For electricity, the reason is due to output difficulty - the monopoly of EVN.
	\end{itemize}
	\item For financial industries:
	\begin{itemize}
	\item Insurance: The highest positive impact is Long-term asset ratio, which reflects the business model of insurance companies. High long-term asset ratio means the preparation for future liabilities when insurance policies will expire. In contrast, the current liabilities ratio is the most negative impact indicator. The current liabilities reflects the claims that insurance companies must pay for its customers, so that reduce the profit from short-term and long-term.
	\item Financial services: in contrast to insurance sector, the long-term asset ratio has negative impact due to reality that financial companies in Vietnam usually record short-term investment as long-term investment when loss occurs. This reason also explain for the negative impact of PB in relationship to sector return.
	\item Banks: it is not clear for negative relationship of loan losses provision ratio and credit risk provision ratio with sector return. These risk can lower the net income, thus lower the value of the bank. However, it's unclear why EPS \& NIM has negative relationship. 
\end{itemize}
\end{itemize}

\newpage
\pagestyle{empty}
%\usepackage{floatrow}
%\usepackage{caption}
%\captionsetup{width=.1\textwidth}
\begin{landscape}

  % Table generated by Excel2LaTeX from sheet 'Sheet1'
  \begin{table}[htbp]
    \centering
    \caption{Add caption}
      \begin{tabular}{rrrrrrrrrr}
      \toprule
      \multicolumn{1}{c}{\textbf{ticker}} & \multicolumn{1}{c}{\textbf{mean ret.}} & \multicolumn{1}{c}{\textbf{std ret.}} & \multicolumn{1}{c}{\textbf{med. ret.}} & \multicolumn{1}{c}{\textbf{skew}} & \multicolumn{1}{c}{\textbf{kurt.}} & \multicolumn{1}{c}{\textbf{GK vol}} & \multicolumn{1}{c}{\textbf{max dd}} & \multicolumn{1}{c}{\textbf{min turnover \%}} & \multicolumn{1}{c}{\textbf{med turnover \%}} \\
      \midrule
      \multicolumn{1}{l}{\textbf{Real estate}} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      VIC & 0.0018 & 0.0276 & 0 & -0.0282 & 2.2911 & 0.9889 & 0.6497 & 0 & 0.0003 \\
      REE & 0.0001 & 0.0279 & 0 & 0.1096 & 2.527 & 0.2311 & 0.6293 & 0 & 0.0032 \\
      \textbf{Rubber} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      DPR & 0.0003 & 0.026 & 0 & 0.0172 & 2.6074 & 0 & 0.6038 & 0 & 0.0005 \\
      DRC & 0.0013 & 0.0286 & 0 & 0.1044 & 2.2201 & 0.3325 & 0.7322 & 0 & 0.0019 \\
      \textbf{Telecom Tech} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      FPT & 0.0005 & 0.0235 & 0 & 0.1376 & 2.8747 & 0.645 & 0.4443 & 0.0001 & 0.0011 \\
      SAM & -0.0006 & 0.0294 & 0 & 0.1685 & 2.1399 & 0.1651 & 0.8037 & 0 & 0.0035 \\
      \textbf{Oil gas} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      DPM & -0.0002 & 0.0249 & 0 & 0.0983 & 2.738 & 0.3962 & 0.5263 & 0.0001 & 0.0012 \\
      PVD & -0.0002 & 0.0247 & 0 & 0.0635 & 2.6782 & 0.637 & 0.5833 & 0 & 0.0008 \\
      \textbf{Services Travel} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      TCT & 0.0005 & 0.0294 & 0 & 0.0798 & 2.9612 & 0.588 & 0.6932 & 0 & 0.0013 \\
      PAN & 0 & 0.0347 & 0 & 0.3561 & 4.0565 & 0.3847 & 0.6964 & 0 & 0.0068 \\
      \textbf{Pharma Medicine} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      DHG & 0.0009 & 0.0207 & 0 & 0.0495 & 3.3657 & 0.3962 & 0.3223 & 0 & 0.0003 \\
      IMP & -0.0004 & 0.0262 & 0 & -0.0096 & 2.5173 & 0.5282 & 0.5499 & 0 & 0.0003 \\
      \textbf{Education} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      EBS & -0.0002 & 0.0346 & 0 & 0.2084 & 2.667 & 0.2127 & 0.7566 & 0 & 0.0067 \\
      STC & 0.0003 & 0.0386 & 0 & 0.0251 & 2.2664 & 0.1274 & 0.6611 & 0 & 0.0009 \\
      \textbf{Mineral} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      BMC & -0.0006 & 0.0305 & 0 & 0.1315 & 2.1439 & 0.5096 & 0.8293 & 0 & 0.003 \\
      NBC & 0.0003 & 0.0339 & 0 & 0.1741 & 2.6785 & 0.3542 & 0.6209 & 0 & 0.0018 \\
      \textbf{Energy} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} & \textbf{} \\
      PPC & -0.001 & 0.0267 & 0 & 0.1495 & 2.344 & 0.2039 & 0.8358 & 0.0001 & 0.0012 \\
      VSH & -0.0003 & 0.0229 & 0 & 0.1332 & 2.9652 & 0.1416 & 0.7179 & 0 & 0.0015 \\
      \bottomrule
      \end{tabular}%
    \label{tab:addlabel}%
  \end{table}%

% Table generated by Excel2LaTeX from sheet 'Sheet4'
\begin{table}[htbp]
  \centering
  \caption{Add caption}
    \begin{tabular}{ccrrrrrrrrrrrrr}
    \toprule
    \textbf{Sector} & \textbf{Year} & \multicolumn{1}{c}{\textbf{ROE}} & \multicolumn{1}{c}{\textbf{ROA}} & \multicolumn{1}{c}{\textbf{EPS}} & \multicolumn{1}{c}{\textbf{PE}} & \multicolumn{1}{c}{\textbf{PB}} & \multicolumn{1}{c}{\textbf{Gross margin}} & \multicolumn{1}{c}{\textbf{P/R}} & \multicolumn{1}{c}{\textbf{Cash/asset}} & \multicolumn{1}{c}{\textbf{Quick ratio}} & \multicolumn{1}{c}{\textbf{Cash ratio}} & \multicolumn{1}{c}{\textbf{Interest ratio}} & \multicolumn{1}{c}{\textbf{Debt ratio}} & \multicolumn{1}{c}{\textbf{Inventory ratio}} \\
    \midrule
    \multirow{4}[8]{*}{\textbf{Retail}} & 2009  & 0.0434 & 0.0131 & 593.4033 & 0.0495 & 1.5556 & 0.0764 & 0.6034 & 0.1109 & 0.8423 & 0.1691 & -0.6614 & 0.6804 & 0.2990 \\
          & 2010  & 0.0442 & 0.0163 & 951.5514 & 0.1267 & 5.2737 & 0.0510 & 2.3686 & 0.1161 & 1.0222 & 0.1933 & -0.3664 & 0.6276 & 0.2198 \\
          & 2011  & 0.0445 & 0.0153 & 863.3652 & 0.1247 & 4.9745 & 0.0691 & 2.0441 & 0.1389 & 0.9115 & 0.2274 & -0.5296 & 0.6373 & 0.2134 \\
          & 2012  & 0.0274 & 0.0101 & 535.1329 & 0.2167 & 5.4347 & 0.0525 & 2.2685 & 0.1272 & 0.9120 & 0.2213 & -0.5839 & 0.6057 & 0.2240 \\
    \multirow{4}[8]{*}{\textbf{Real estate}} & 2009  & 0.0549 & 0.0306 & 965.2806 & 0.2155 & 3.7552 & 0.4716 & 43.4774 & 0.1174 & 1.4374 & 0.6398 & -0.1371 & 0.4294 & 0.1867 \\
          & 2010  & 0.0890 & 0.0320 & 1598.0597 & 0.9627 & 51.0342 & 0.4543 & 385.3955 & 0.0766 & 1.3608 & 0.2991 & -0.1251 & 0.5590 & 0.2170 \\
          & 2011  & 0.0193 & 0.0072 & 319.0980 & 2.2472 & 43.2082 & 0.3173 & 454.9195 & 0.0436 & 0.9445 & 0.1394 & -0.5161 & 0.5876 & 0.3027 \\
          & 2012  & 0.0098 & 0.0035 & 154.6741 & 6.5758 & 38.2367 & 0.2967 & 380.9616 & 0.0397 & 0.6674 & 0.1144 & -1.1077 & 0.6360 & 0.3536 \\
    \multirow{4}[8]{*}{\textbf{IT}} & 2009  & 0.0169 & 0.0149 & 546.3169 & 0.1527 & 1.8332 & 0.1797 & 22.9025 & 0.2243 & 3.9208 & 2.4139 & -0.0155 & 0.1255 & 0.1151 \\
          & 2010  & 0.0700 & 0.0275 & 1368.8317 & 0.2135 & 13.0455 & 0.1173 & 8.9840 & 0.1136 & 1.2771 & 0.2928 & -0.2166 & 0.5377 & 0.1815 \\
          & 2011  & 0.0470 & 0.0202 & 864.3775 & 0.2278 & 10.4093 & 0.1302 & 8.9228 & 0.1197 & 1.2034 & 0.2991 & -0.2916 & 0.5129 & 0.1729 \\
          & 2012  & 0.0425 & 0.0198 & 752.2655 & 0.2465 & 9.4702 & 0.1379 & 9.8703 & 0.1268 & 1.0886 & 0.2963 & -0.2480 & 0.4884 & 0.1690 \\
    \multirow{4}[8]{*}{\textbf{Oil \& Gas}} & 2009  & 0.0771 & 0.0222 & 1213.8675 & 0.0169 & 1.3552 & 0.2111 & 2.4185 & 0.2690 & 1.0732 & 0.5985 & -0.0148 & 0.6685 & 0.2330 \\
          & 2010  & 0.0601 & 0.0220 & 1111.8250 & 0.0745 & 3.8553 & 0.1098 & 5.5552 & 0.1450 & 0.9914 & 0.3674 & -0.3124 & 0.6451 & 0.0743 \\
          & 2011  & 0.0535 & 0.0157 & 1132.3608 & 0.0683 & 3.3707 & 0.1243 & 4.6774 & 0.1328 & 0.8960 & 0.3374 & -0.3018 & 0.6844 & 0.0492 \\
          & 2012  & 0.0521 & 0.0163 & 1268.6102 & 0.0575 & 2.8394 & 0.1229 & 3.9691 & 0.1664 & 1.0291 & 0.4410 & -0.2683 & 0.6449 & 0.0579 \\
    \multirow{4}[8]{*}{\textbf{Electricity}} & 2009  & 0.0646 & 0.0279 & 859.6456 & 0.0569 & 3.3596 & 0.4771 & 11.5630 & 0.0244 & 1.6556 & 0.1944 & -0.4510 & 0.5578 & 0.0199 \\
          & 2010  & 0.0163 & 0.0084 & 215.4883 & 0.4192 & 21.0237 & 0.1496 & 43.9664 & 0.1222 & 2.1309 & 0.6549 & -0.1132 & 0.5643 & 0.0505 \\
          & 2011  & 0.0247 & 0.0106 & 326.8644 & 0.0440 & 17.7199 & 0.1318 & 28.4829 & 0.1008 & 1.7493 & 0.4611 & 0.0744 & 0.5830 & 0.0519 \\
          & 2012  & 0.0644 & 0.0311 & 899.0881 & 0.3831 & 21.6850 & 0.1677 & 32.2155 & 0.1608 & 1.7678 & 0.6835 & -0.1690 & 0.5108 & 0.0450 \\
    \multirow{3}[6]{*}{\textbf{Hospitality}} & 2010  & 0.0182 & 0.0091 & 235.8604 & 0.9264 & 11.5299 & 0.3371 & 61.8492 & 0.0314 & 1.0170 & 0.1473 & -2.4412 & 0.4846 & 0.0288 \\
          & 2011  & 0.0204 & 0.0092 & 225.8136 & -10.2572 & 9.1459 & 0.3179 & 52.6519 & 0.0472 & 1.3438 & 0.2401 & 0.8441 & 0.5153 & 0.0162 \\
          & 2012  & 0.0169 & 0.0077 & 206.3530 & 0.3478 & 14.6253 & 0.3433 & 87.2536 & 0.0490 & 1.1792 & 0.2033 & 0.9451 & 0.5254 & 0.0219 \\
    \multirow{4}[8]{*}{\textbf{Heavy Industry \& Service}} & 2009  & 0.0448 & 0.0248 & 1027.0310 & 0.3002 & 7.7519 & 0.2062 & 25.6684 & 0.1051 & 1.3733 & 0.3258 & -0.2190 & 0.4532 & 0.0812 \\
          & 2010  & 0.0344 & 0.0151 & 584.9694 & 2.1047 & 66.9230 & 0.1629 & 143.2029 & 0.0835 & 1.0911 & 0.3015 & -0.4020 & 0.5454 & 0.1028 \\
          & 2011  & 0.0248 & 0.0107 & 413.6640 & 2.2532 & 55.1127 & 0.1423 & 112.9228 & 0.0858 & 1.0357 & 0.2827 & -0.8049 & 0.5500 & 0.1180 \\
          & 2012  & 0.0217 & 0.0095 & 364.9959 & 2.6995 & 58.5455 & 0.1350 & 124.8810 & 0.0745 & 1.0414 & 0.2417 & -0.6469 & 0.5447 & 0.1193 \\
    \multirow{4}[8]{*}{\textbf{Household Products}} & 2009  & 0.0441 & 0.0266 & 1169.4539 & 0.0370 & 1.5471 & 0.1408 & 2.0460 & 0.0859 & 1.6888 & 0.2832 & -0.1175 & 0.3984 & 0.1456 \\
          & 2010  & 0.0424 & 0.0191 & 906.9586 & 0.3156 & 12.9602 & 0.1355 & 12.1294 & 0.0774 & 0.6974 & 0.1652 & -0.2722 & 0.5422 & 0.3177 \\
          & 2011  & 0.0409 & 0.0173 & 770.5218 & 0.3284 & 13.3843 & 0.1188 & 11.1712 & 0.0878 & 0.7142 & 0.1860 & -0.4722 & 0.5746 & 0.3142 \\
          & 2012  & 0.0282 & 0.0116 & 523.3223 & 0.5960 & 16.0052 & 0.1495 & 19.4527 & 0.0955 & 0.6713 & 0.1903 & -0.6346 & 0.5851 & 0.3113 \\
    \multirow{3}[6]{*}{\textbf{Chemistry}} & 2010  & 0.0642 & 0.0418 & 1159.9690 & 0.2940 & 19.2484 & 0.2412 & 44.9374 & 0.2102 & 1.3003 & 0.7186 & -0.1025 & 0.3468 & 0.1795 \\
          & 2011  & 0.0981 & 0.0640 & 2109.4436 & 0.1651 & 16.0243 & 0.2889 & 32.6743 & 0.3008 & 1.5446 & 1.0012 & -0.0567 & 0.3369 & 0.1644 \\
          & 2012  & 0.0715 & 0.0452 & 1701.0126 & 0.2148 & 14.9839 & 0.2205 & 28.3336 & 0.2570 & 1.4023 & 0.8139 & -0.0886 & 0.3600 & 0.2117 \\
    \multirow{4}[8]{*}{\textbf{Automobile}} & 2009  & 0.0886 & 0.0436 & 1604.3653 & 0.0474 & 1.9853 & 0.1294 & 2.0271 & 0.0375 & 1.4051 & 0.1084 & -0.4416 & 0.4651 & 0.1567 \\
          & 2010  & 0.0466 & 0.0210 & 942.7679 & 0.1538 & 6.9337 & 0.1128 & 6.4136 & 0.0485 & 0.6409 & 0.1192 & -0.2888 & 0.5231 & 0.3395 \\
          & 2011  & 0.0258 & 0.0102 & 440.7099 & 0.1923 & 4.5823 & 0.0927 & 3.8340 & 0.0450 & 0.6032 & 0.1070 & -0.9788 & 0.5769 & 0.3130 \\
          & 2012  & 0.0442 & 0.0185 & 694.3776 & 0.1545 & 6.5222 & 0.1403 & 6.7383 & 0.0386 & 0.5785 & 0.1014 & -0.5368 & 0.5635 & 0.2939 \\
    \multirow{4}[8]{*}{\textbf{Natural Resources}} & 2009  & 0.1038 & 0.0405 & 1766.3249 & 0.0732 & 5.2361 & 0.2131 & 5.8288 & 0.0396 & 0.5933 & 0.0919 & -0.1911 & 0.5902 & 0.2756 \\
          & 2010  & 0.0472 & 0.0180 & 847.6561 & 1.0540 & 47.3408 & 0.1238 & 50.4417 & 0.0452 & 0.5691 & 0.0930 & -0.4599 & 0.6081 & 0.3117 \\
          & 2011  & 0.0359 & 0.0131 & 622.8601 & 1.3562 & 34.5603 & 0.1172 & 33.5235 & 0.0450 & 0.5778 & 0.0957 & -1.1697 & 0.6251 & 0.2996 \\
          & 2012  & 0.0226 & 0.0082 & 374.3143 & 1.7615 & 39.0550 & 0.0998 & 41.1084 & 0.0340 & 0.5634 & 0.0733 & -1.1080 & 0.6280 & 0.2866 \\
    \multirow{5}[10]{*}{\textbf{FMCG}} & 2008  & -0.0250 & 0.0003 & 202.0359 & 0.0135 & 1.1055 & 0.2381 & 2.7839 & 0.0153 & 1.3298 & 0.0634 & -0.0246 & 0.4052 & 0.1634 \\
          & 2009  & 0.0527 & 0.0352 & 1451.5796 & 0.0979 & 4.6137 & 0.2240 & 11.3733 & 0.1346 & 1.6036 & 0.6922 & -0.1769 & 0.3396 & 0.1930 \\
          & 2010  & 0.0631 & 0.0351 & 1214.0969 & 0.6263 & 38.4835 & 0.2123 & 75.5249 & 0.0743 & 1.0567 & 0.2108 & -0.1727 & 0.4330 & 0.2300 \\
          & 2011  & 0.0568 & 0.0287 & 1408.4566 & 0.6035 & 34.2245 & 0.2094 & 65.2460 & 0.1325 & 1.1466 & 0.4212 & -0.2396 & 0.4368 & 0.1964 \\
          & 2012  & 0.0476 & 0.0224 & 1060.6429 & 1.0796 & 51.2720 & 0.2152 & 99.4881 & 0.1342 & 1.0611 & 0.4186 & -0.2245 & 0.4703 & 0.1974 \\
    \multirow{4}[8]{*}{\textbf{Media}} & 2009  & 0.0094 & 0.0042 & 129.4571 & -0.8853 & 0.8480 & 0.2537 & 2.0739 & 0.0424 & 0.5920 & 0.0933 & 3.8627 & 0.5068 & 0.3737 \\
          & 2010  & 0.0238 & 0.0132 & 335.0829 & 0.7527 & 10.7615 & 0.2393 & 26.5343 & 0.0920 & 0.8830 & 0.2197 & -0.3209 & 0.4439 & 0.3575 \\
          & 2011  & 0.0270 & 0.0153 & 338.8741 & 0.7122 & 8.7293 & 0.2401 & 21.8550 & 0.0920 & 0.9509 & 0.2298 & -0.5515 & 0.4279 & 0.3571 \\
          & 2012  & 0.0303 & 0.0167 & 406.8990 & 0.6307 & 9.5395 & 0.2460 & 23.1551 & 0.0966 & 0.9048 & 0.2475 & 0.2843 & 0.4345 & 0.3518 \\
    \multirow{4}[8]{*}{\textbf{Construction}} & 2009  & 0.0633 & 0.0155 & 1074.4682 & 0.2025 & 7.8743 & 0.1586 & 13.9413 & 0.0553 & 0.7281 & 0.1334 & -0.2477 & 0.7268 & 0.1884 \\
          & 2010  & 0.0456 & 0.0124 & 746.6949 & 3.0911 & 138.3473 & 0.1506 & 203.1898 & 0.0584 & 0.7621 & 0.1338 & -0.4376 & 0.7068 & 0.2170 \\
          & 2011  & 0.0272 & 0.0065 & 398.7422 & 3.6322 & 98.4857 & 0.1483 & 140.5778 & 0.0530 & 0.6917 & 0.1074 & -1.2572 & 0.7222 & 0.2318 \\
          & 2012  & 0.0058 & 0.0014 & 79.1781 & -6.0105 & 92.7369 & 0.1404 & 152.8576 & 0.0458 & 0.6476 & 0.0906 & -6.7074 & 0.7282 & 0.2382 \\
    \multirow{3}[6]{*}{\textbf{Healthcare}} & 2010  & 0.0587 & 0.0367 & 1999.9375 & 0.1739 & 9.7624 & 0.3429 & 19.6627 & 0.1259 & 1.3275 & 0.3855 & -0.0613 & 0.3788 & 0.2537 \\
          & 2011  & 0.0536 & 0.0227 & 1505.0430 & 0.2097 & 11.1477 & 0.2489 & 13.7322 & 0.0813 & 0.8770 & 0.1545 & -0.1810 & 0.5760 & 0.3024 \\
          & 2012  & 0.0527 & 0.0222 & 1368.9379 & 0.2612 & 13.5203 & 0.2428 & 16.0627 & 0.0753 & 0.8870 & 0.1404 & -0.2256 & 0.5736 & 0.2890 \\
    \bottomrule
    \end{tabular}%
  \label{tab:addlabel}%
\end{table}%

% Table generated by Excel2LaTeX from sheet 'Sheet4'
\begin{table}[htbp]
  \centering
  \caption{Add caption}
    \begin{tabular}{crrrrrrrrrrrrr}
    \toprule
    \textbf{Sector} & \multicolumn{1}{c}{\textbf{Year}} & \multicolumn{1}{c}{\textbf{ROE}} & \multicolumn{1}{c}{\textbf{ROA}} & \multicolumn{1}{c}{\textbf{EPS}} & \multicolumn{1}{c}{\textbf{PE}} & \multicolumn{1}{c}{\textbf{PB}} & \multicolumn{1}{c}{\textbf{Gross margin}} & \multicolumn{1}{c}{\textbf{P/R}} & \multicolumn{1}{c}{\textbf{Well liquid ratio}} & \multicolumn{1}{c}{\textbf{Current liabilities ratio}} & \multicolumn{1}{c}{\textbf{Long term asset ratio}} & \multicolumn{1}{c}{\textbf{Insurance sale ratio}} & \multicolumn{1}{c}{\textbf{Gross insurance income ratio}} \\
    \midrule
    \multirow{3}[6]{*}{\textbf{Insurance}} & 2010  & 0.0234 & 0.0072 & 415.6051 & 0.1873 & 4.2651 & 0.2029 & 27.0910 & 0.3645 & 0.1979 & 0.4997 & 0.6857 & 0.2287 \\
          & 2011  & 0.0252 & 0.0086 & 451.0553 & 0.2409 & 5.8932 & 0.2737 & 33.1425 & 0.3607 & 0.2624 & 0.4090 & 0.7524 & 0.3306 \\
          & 2012  & 0.0237 & 0.0082 & 454.6956 & 0.2155 & 5.0797 & 0.2435 & 24.3119 & 0.3836 & 0.2428 & 0.4161 & 0.8072 & 0.4180 \\
    \bottomrule
    \end{tabular}%
  \label{tab:addlabel}%
\end{table}%

% Table generated by Excel2LaTeX from sheet 'Sheet4'
\begin{table}[htbp]
  \centering
  \caption{Add caption}
    \begin{tabular}{crrrrrrrrrrrr}
    \toprule
    \textbf{Sector} & \multicolumn{1}{c}{\textbf{Year}} & \multicolumn{1}{c}{\textbf{ROE}} & \multicolumn{1}{c}{\textbf{ROA}} & \multicolumn{1}{c}{\textbf{EPS}} & \multicolumn{1}{c}{\textbf{PE}} & \multicolumn{1}{c}{\textbf{PB}} & \multicolumn{1}{c}{\textbf{Gross margin}} & \multicolumn{1}{c}{\textbf{P/R}} & \multicolumn{1}{c}{\textbf{Well liquid ratio}} & \multicolumn{1}{c}{\textbf{Interest ratio}} & \multicolumn{1}{c}{\textbf{Current liabilities ratio}} & \multicolumn{1}{c}{\textbf{Long term asset ratio}} \\
    \midrule
    \multirow{4}[8]{*}{\textbf{Financial Services}} & 2009  & 0.0383 & 0.0265 & 536.5990 & -0.0061 & 2.5466 & 0.3729 & 39.3356 & 0.6203 & 0.0000 & 0.2497 & 0.2078 \\
          & 2010  & 0.0207 & 0.0094 & 290.9390 & 2.2245 & 21.7099 & 0.3509 & 238.1092 & 0.4083 & 0.0000 & 0.4774 & 0.2421 \\
          & 2011  & -0.0078 & -0.0046 & -95.1641 & -0.6536 & 13.5617 & 0.0691 & 208.9305 & 0.4369 & 0.0999 & 0.3265 & 0.2924 \\
          & 2012  & 0.0095 & 0.0052 & 108.4382 & 0.1415 & 12.1837 & 0.3658 & 219.0686 & 0.4522 & 0.0919 & 0.3072 & 0.3204 \\
    \bottomrule
    \end{tabular}%
  \label{tab:addlabel}%
\end{table}%

% Table generated by Excel2LaTeX from sheet 'Sheet4'
\begin{table}[htbp]
  \centering
  \caption{Add caption}
    \begin{tabular}{crrrrrrrrrrr}
    \toprule
    \textbf{Sector} & \multicolumn{1}{c}{\textbf{Year}} & \multicolumn{1}{c}{\textbf{ROE}} & \multicolumn{1}{c}{\textbf{ROA}} & \multicolumn{1}{c}{\textbf{EPS}} & \multicolumn{1}{c}{\textbf{PE}} & \multicolumn{1}{c}{\textbf{PB}} & \multicolumn{1}{c}{\textbf{NIM}} & \multicolumn{1}{c}{\textbf{Price over revenue}} & \multicolumn{1}{c}{\textbf{Credit risk provision ratio}} & \multicolumn{1}{c}{\textbf{Investment provision ratio}} & \multicolumn{1}{c}{\textbf{Loan losses provision ratio}} \\
    \midrule
    \multirow{5}[10]{*}{\textbf{Bank}} & 2008  & 0.0454 & 0.0038 & 825.3744 & 0.0488 & 2.0657 & 0.5784 & 7.0170 & -0.1095 & -0.0060 & -0.0069 \\
          & 2009  & 0.0485 & 0.0038 & 648.5635 & 0.1782 & 8.7003 & 0.3449 & 39.1656 & -0.1461 & -0.0132 & -0.0166 \\
          & 2010  & 0.0439 & 0.0033 & 621.3992 & 0.1960 & 8.6057 & 0.3434 & 30.1242 & -0.2071 & -0.0106 & -0.0161 \\
          & 2011  & 0.0465 & 0.0035 & 639.1662 & 0.1781 & 8.2360 & 0.3217 & 21.7824 & -0.2409 & -0.0105 & -0.0174 \\
          & 2012  & 0.0285 & 0.0024 & 396.1556 & 0.3824 & 9.9558 & 0.3093 & 32.4130 & -0.3733 & -0.0111 & -0.0180 \\
    \bottomrule
    \end{tabular}%
  \label{tab:addlabel}%
\end{table}%


\section{Technical Indicators}





\end{landscape}
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